Solana meme coins are growing in dominance, challenging those minted on Ethereum and even the first of them all, Dogecoin. While Dogecoin is the most valuable, it is increasingly facing stiff competition from Pepe and Shiba Inu.
However, developers have minted thousands of scalable on-chain tokens over the past year, especially after Solana recovered from around $20 in Q4 2023.
Solana Meme Coins Rise, Market Cap Exceeds $11 Billion
According to Koenjiku DataThe total market cap of all meme coins on Solana is around $11 billion as of mid-October 2024. This valuation has risen by 5% in the past day alone.
DogWifHat (WIF) is the most valuable in the Solana ecosystem, with a market cap of over $2.8 billion. To put the numbers in perspective, it is up almost 8% in the last week of trading and is up 3% in 24 hours.
Other notable meme currencies that dominate Solana include Bonk and Popcat. These tokens are among the best-performing coins in 2024, with a market capitalization exceeding $1 billion.
It is among the only eight currencies with a market capitalization exceeding $1 billion. Some of them include Brett, the meme on Base, Pepe, and Floki.
Interestingly, Neiro on Ethereum expands first, digging its position into the top 10, upending BOME. NEIRO’s market cap is more than $839 million at press time.
Cardano opens up more ADA, what’s next?
The rapid expansion of meme coins on Solana means that it is cumulatively closing the gap with Cardano. At press time, ADA is trading at around $0.35 and downgraded by market cap to 11th place. according to CoinMarketCapADA has a market capitalization of $12.4 billion and remains under pressure.
On October 14, Cardano will open 18.53 million ADA. according to Unlocks the tokenthe platform has issued more than 85% of the total ADA to investors, team members and other stakeholders. While this is bullish, any token opening event is viewed as bearish, considering the expected increase in supply.
As of writing, ADA is down roughly 60% from its March high. With prices consolidating, the coin has support at around $0.30 while resistance is at $0.40.
Any breakout below local support could lead to ADA hitting new lows in 2024, adding pressure on the currency. This development, in turn, assuming Solana expands, could lead to its meme coin flipping on ADA.
Featured image from Canva, chart from TradingView
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